Looks like the Beast from Jekyll Island is about to get some company 😉
NYT (7/6 ’12): “Libor’s Dirty Laundry”
But the Brits have this one right. They may not understand the intricacies of Libor any better than we do, but they sense, powerfully, that banks have once again made a mockery of the role that society entrusts to them.
Private banks are hardly going to patiently take the heat for doing the dirty work of central banks, no matter how much money stuck to their paws in the process.
Reuters (7/9 ’12): “UPDATE 2-Bank of England’s Tucker denies role in rate-fixing”
Barclays had said Diamond’s deputy, Jerry del Missier, had understood Tucker’s comments as a green light to manipulate rates downwards, although Diamond himself has said he believed Tucker was merely passing on the view of officials and did nothing improper.
… and that is the trillion pound nuance.